WBK Industry News - State Regulatory Developments

Michigan Publishes Annual Licensing Fees for 2020

The Michigan Department of Insurance and Financial Services published its annual licensing fee schedules for Michigan mortgage lenders, brokers, servicers, and loan originators.  Specifically, the schedules establish the mortgage license, registration, amendment, and ownership transfer fees under the Mortgage Brokers, Lenders, and Servicers Licensing Act, Mortgage Loan Originator Licensing Act, and Secondary Mortgage Loan Act.

The new schedules will be effective for the licensing year January 1, 2020, to December 31, 2020.